Backing out of the deal before closing date.?

Tips and Deals Forums Home Insurance Backing out of the deal before closing date.?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 9 months ago.

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    Anonymous

    My closing date is in 3 days. Today my insurance agent called me and told me that they are going to have to add flood insurance since the house is in a flood zone. Granted, the agent did tell me that the home was in a flood zone in the beginning but I think this screw up is on my insurance company. The insurance company has not got back to me yet with the quote but she did estimate that it would cost 800-1000 dollars per year. If so, that is going to push me out of my “comfort zone” or budget on what I want my total house payments to be. I called the real estate agent and she seemed like she was mad about this but she is pushing for a waiver to still get the deal done in 3 days. Honestly, I don’t want her to because I don’t want to close on a deal when I don’t even know what the quote is going to be. Can I get out of this deal?? Can I ask my real estate agent to not ask for a waiver to let it just ride itself out so we know what our quote is before we close??
    If the insurance is as high as the agent estimated, our monthly payment will be about 100 or more higher than what our estimate that the real estate agent gave us in the beginning.
    Lep……I’ve always had insurance. But my insurance people are just finding out that it’s in a flood zone.

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